By
Kian Ganz
Thursday, 25 April 2013 17:23NewslettersAn estimated 8 minute read...
Everything you need to know.
JSA shifts the paradigm
J Sagar Associates’ (JSA) founder Jyoti Sagar’s story is remarkable, less for having built a top tier law firm from scratch in 20-odd years, which others too can boast, but more for voluntarily retiring and surrendering all his equity to the rest of the partnership.
JSA, without Jyoti, now has the chance to establish a new paradigm as a large, democratic, promoter-less law firm; the alternative option, failure, would leave not just the firm, but also the market the poorer for it.
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Quietly, quietly, the chartered accountancy (CA) and consultancy firms have been cutting themselves slices of the legal market, increasingly drawing blood as they do so.
A little earlier, PDS & Associates – the transactional law consultancy also close to E&Y – hired Kochhar & Co partner Bidan Chandran to build up its banking practice.
All these (and others) appear to have at least nominally considered operating within the, albeit vague, Advocates Act restrictions on legal practice, but that is no guarantee that some members of the legal profession won’t try to bite back once they start losing work and people to the Big 4 & Co.
Arguably foreign firms wanting to set up in India could do worse than take inspiration from the Big 4. In any case, going on the offensive could yield more results than being duped in the perennial game of carrot and stick, or good cop, bad cop: fiery resistance to foreign firm entry continued but any friendly word said they’d take as encouragement of a two-year liberalisation timeline.
Since then, most foreigners have near-given up. But if one was looking, niceties continued, perhaps significantly so.
It continues to fascinate how the profession’s regulator, the Bar Council of India (BCI), can’t agree on something as fundamental as how many lawyers there are in the country.
A right to information (RTI) request revealed that there were 1.3m advocates in the country in 2011, one week after the BCI chairman claimed that number had grown to an unlikely 1.7m barely two years later.
Olswang’s Singapore partner Jonathan Choo and associate Shaun Lee have continued delighting and elucidating in their knowledge partnership series on Outsourcing hotspots.
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Slightly confused... alumnus means someone who has left an organization... how are alumni setting up independent law firms connected to the story bout consultancies cutting a slice of the legal market ? Other than the fact that they may have been at some point of time in the past, been a part of a consultancy ? When the law firm is set up and working, arnt they part of the law firm side of thr fence rather than the other way round ?
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It was reported by LI:
www.legallyindia.com/201302123434/Law-firms/k-law-hires-ex-thakker-partner-patnaik-from-accelerator
Just a thought ....
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